A new bill seeks to strengthen the country’s anti–money laundering framework by expanding the powers and oversight capabilities of the Anti-Money Laundering Council (AMLC), following revelations of complex financial crimes tied to anomalous flood control projects.
Filed by Senate President Pro Tempore Panfilo “Ping” M. Lacson, Senate Bill No. 1557 proposes updates to the Anti-Money Laundering Act (AMLA) by expanding the scope of covered persons, adding new predicate offenses, and granting the AMLC broader investigatory and supervisory authority to deter corruption and avoid a possible return to the Financial Action Task Force (FATF) grey list.
“Recent corruption issues have highlighted the complexities of financial crimes. Updating the AMLA to meet the requirements of the times would also prevent us from being placed in the FATF Greylist again,” he said, noting the Philippines faces the FATF’s fifth mutual evaluation in 2027.
The bill designates trusts and virtual asset service providers as covered persons, along with those engaged in buying and selling real estate, lawyers and accountants of covered persons, and online gambling operators regardless of license classification. It also clarifies that the reporting threshold for jewelry dealers and dealers in precious metals and stones pertains specifically to covered transaction reports.
SB 1557 expands predicate offenses to include violations of the Anti-Online Sexual Abuse or Exploitation of Children law, the Cybercrime Prevention Act of 2012, the Anti-Dummy Act, the Anti-Agricultural Economic Sabotage Act, and terrorism-related offenses such as terrorism, conspiracy to commit terrorism, and providing material support to terrorists.
To strengthen enforcement, the bill authorizes the AMLC to issue non-court-based subpoenas, inspect covered persons, administer oaths, and exercise enhanced quasi-judicial functions in administrative cases. It also allows the AMLC to file petitions for freeze orders and civil forfeiture directly or through the Office of the Solicitor General.
Customer due diligence requirements for casinos would be tightened by setting a ₱150,000 transaction threshold—aligned with the FATF-prescribed US$3,000—and requiring systems to verify the true identity of clients.
The measure also seeks to expand the AMLC’s ability to conduct bank inquiries without a court order, consistent with its current authority in cases involving kidnapping, illegal drug crimes, terrorism, terrorism financing, arson, and murder.
Additional safeguards include indemnification for AMLC personnel facing harassment suits, expanded confidentiality protections for all parties who gain access to AMLC information, and a general prohibition against injunctive relief on AMLC operations except by the Court of Appeals or the Supreme Court.
Another key provision authorizes the AMLC to suspend transactions suspected of being linked to money laundering, terrorism financing, or other unlawful activities, enabling both the Council and covered persons to halt suspicious dealings as a preventive measure.
Furthermore, Lacson said the amendments aim to strengthen the AMLC’s role as the country’s independent central authority for anti-money laundering and counter-terrorism financing, serving as a financial intelligence unit, specialized investigation body, and regulatory supervisor.
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